Key Tips for Tracking Hospital Revenue Metrics (Healthcare Finance)
[Written April 2, 2015 by John Andrews]
As clinical and financial lines blur, CFOs need to constantly keep tabs on which ones are integral to maximizing income.
Tracking metrics for revenue analytics is a key part of any healthcare organization’s financial operation and CFOs need to constantly keep tabs on which ones are integral to maximizing income, specialists say.
In the current provider landscape, the metrics lines are blurring between the clinical and financial, said Bobbi Brown, vice president of financial engagement for Salt Lake City, Utah-based Health Catalyst.
“It’s a new world and there needs to be collaboration between the clinical and financial people,” she said. “It goes back to physicians and making sure you have that collaborative working relationship with them. Tell them what they need to do and they will work with you.”
To be sure, proactively tracking clinical events that come with a CMS-imposed financial penalty, such as hospital-acquired infections, patient readmissions and core measure adherence, all tie in with the bottom line and must be added to the metrics list, said Skip Lemon, managing director of healthcare practice for Chicago-based Huron Healthcare.
“What I’ve observed is that the degree of functional integration between clinical and financial has broadened,” he said.
The CMS metrics… Click to view full article